KPN's America Movil board member sells part of KPN stake

Reuters Staff

2 Min Read

BRUSSELS (Reuters) - The Chief Financial Officer of Mexico’s America Movil (AMXL.MX) has reduced his personal stake in Dutch telecoms group KPN (KPN.AS), of which he is a supervisory board member, by more than a quarter, regulatory filings showed on Saturday.

The company logo of Dutch telecoms group KPN is seen on the headquarters in the Hague February 4, 2014. REUTERS/Michael Kooren

Carlos Garcia Moreno Elizondo, one of two America Movil members on KPN’s supervisory board, sold about 28.5 percent of his stake in KPN in three transactions and now owns just under 200,000 shares, according to Dutch regulator AFM.

America Movil, owned by billionaire Carlos Slim, in 2013 made a bid to take over all of the Dutch telecoms group but failed, when an independent foundation tasked with protecting KPN’s stakeholders acquired a near 50 percent share.

The Mexican group has since reduced its stake in KPN to 21.4 percent from about 30 percent at the peak, and analysts are divided on the future of America Movil’s involvement.

Carlos Slim’s group is still sitting on a paper loss from its KPN investment, as they paid about 3.24 euros on average and shares closed at 2.617 on Friday.